US Drilling Boom Stalls for Oil, Gas
Posted Mar 14, 09 3:10 PM CDT in US, Business

(Newser) – It doesn't pay to drill, baby, drill anymore. Falling world prices have brought an end to the boom in domestic drilling for oil and natural gas, the New York Times reports. Last summer, 2,400 gas and oil rigs were deployed in the hunt for energy. Today, that figure is 1,200 and still dropping. “The big bonanza is over,” said one Texas driller whose company has gone from 35 rigs to 8. “Everyone is really shocked how fast everything has turned.”

Thousands of workers have been laid off, with the cutbacks especially pronounced for natural gas. Analysts worry that if companies cut back too severely, they won't be able to respond quickly if demand picks up. One oil exec said it could take up to 2 years to assemble crews again. “Inevitably, the market doesn’t react,” said one analyst. “It overreacts and shoots itself in the foot.”
===============================

Don't worry folks. I'm sure Obama's alternative energy plans will keep your energy consumption cost down.

old news

last report I heard was that there are over two hundred tankers parked off Houston waiting for the price to come back up before they will unload

well, i'm sure glad their isn't anything sinister going on i'm just going to blindly believe the nay sayers and click my heels together three times.

i do believe you are right

I've heard on the news that they were holding onto the oil until the prices go up.

I've heard on the news that they were holding onto it until the prices go up.

They stockpiled back at the end of 2008 also. Less supply to bring the prices up. They have enough stock piled to keep it alright should we ever need it anyway.

I do believe you're repeating yourself.. grin! Ducking for cover!

How much is a gallon of gas where ya'll are? Here it's 1.87 I think, last I looked.

I was echoing. lol I think it's around $1.74. I didn't pay attention today. But..my carton of cigs was $6.00 higher today. It has happened.

black gold....texas tea

roll your own. i can do them for under a dollar a pack (even with filters)

Under a dollar a pack?

That's right crickster. The oil barons are gone.
Now we may actually become energy independent.
Just think about the cost saved in lives alone that we will enjoy!!

1 lb bag of tobacco = $10
2 cartons of 200 filters = under $10

400 smokes for under $20

keeping me sane...pricelss

Ah yes and here we all assumed it would not happen until Arpil 1st.. dang it... I got mine just in time but am thinking about whether it's enough to make me quit. Would like to just for spite, but when I consider what a B.e.a.c.h I will be while quiting I would only be hurting myself. The gov could care less.. LOL

I told them, "This is supposed to happen on April 1st". They said it's happened. I have to quit before summer. Promised my kid it would happen by my 50th birthday.

you were told april 1st huh???? as in april fools??? lol

Apparently it was an April's Fools.

It really was supposed to happen then.

The only thing gone is high demand. When demand comes back, we all will have to pay high prices again for gasoline.